Dean Lupson
term ? If so , be aware that there may be exit fees .
If you find a suitable property to downsize into rather quickly , then do you have the finances to pay a deposit on your new property without selling and settling on the sale of your family home first ? Can you afford Bridging Finance or a Bank Guarantee ?
In Victoria , should you sell your home but not settle in the standard 30 days and opt for a longer settlement , then your solicitor can request a Section 27 from the purchaser once the sale goes unconditional . If agreed to , a Section 27 allows for the early release of your deposit , allowing you to use the funds to secure the purchase of another property prior to settlement of your home . This is becoming a common practice for downsizers as it allows them to place a deposit on their new property without dipping into personal savings or superannuation funds
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